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Mitcheldean was a thriving community for many centuries due to the town's proximity to iron ore deposits. During the 19th century, the town grew due to revenues produced by the local brewing industry, while in the 20th century the town grew further due to the Rank Xerox photocopier factory. Although this industry significantly declined during the latter half of the 20th century, much of the former Rank Xerox site (now Vantage Point Business Village) is now occupied by small businesses, new manufacturing and distribution businesses.

The town is the most populous area of 'Mitcheldean and Drybrook' electoral ward. This ward starts in the north east at Mitcheldean and stretches south westerly to Drybrook. The total ward population taken at the 2011 census was 4,607.[1]

There are several shops in the centre of the town, a Co-operative store, a butcher, a greengrocer, Several hairdressers, a pharmacy, a florist A Premier shop and several fast food outlets serving Chinese food, Indian, fish and chips, and pizza. There are also a library, a surgery, a town hall and three pubs.

The town has a secondary school, Dene Magna Community School, which has performed consistently well since 1995. The school does not have a sixth form, so Year 12 students have to go to either the Royal Forest of Dean College near Coleford, Gloscat in Gloucester, Newent or one of the grammar school-based sixth forms in Gloucester or Ross on Wye. As well as a secondary school, Mitcheldean has a primary school of about 250 children.